Monero price analysis: XMR/USD gasps for air in a bid to stay afloat

Monero becomes the first crypto project to incorporate ‘bulletproofs’ technology.

Monero price breaks range support muting network upgrade news.

The bulls are likely to gain momentum against the bears in the short-term.

It is only a day after Monero developers executed a hard fork upgrade on Monero blockchain. The network has introduced the ‘bulletproofs’ tech that is designed to cut the size of private transactions. Monero becomes the first crypto project to integrate this technology.

Read more on Monero’s ‘bulletproofs’ tech here.

Monero price analysis

Following the nice recovery this week on Monday, Monero trimmed the gains retreating into a resistance range with a support at $106. The surge has stepped above $114 but the price lost the momentum to sustain the gains at levels towards $115. XRM/USD attempts to escape the range resistance were unsuccessful with the upside mainly limited at $110. Moreover, a move to the south in the course the Thursday trading session broke below the range support at $106. Luckily the trendline support came in handy limiting declines at $104.

A pullback has occurred past the 50% Fib retracement level between the last high at $114.97 and a low at $99.51. XMR/USD is dancing withn$105 at press time while the path north is lace with hurdles at the 38.2% Fibonacci level, both the 50 SMA and the 100SMA and the upper range limit at $110. The swing high at $114.97 is out of reach, for now.

Looking at the chart, Monero path of least resistance is sideways. Besides, the MACD is moving upwards, although it is still in the negative zone. The bulls are likely to gain momentum against the bears in the short-term. A retracement above the range resistance at $110 will see Monero embark on a path of breaking more barriers towards $120.